Basically, the creation of a price range for oil. No lower than $75 Us dollars at anytime, no higher than $99, with periodic reviews upward or down depending on the demand curve.
I believe in free markets, and the supply and demand that creates investment or dircourages consumption. In most products and under most circumstances, this system works, and it promotes a fair and plentiful availability of the product, encouraging production when needed or cutting it when the price gets too low. It has been shown historically that extended price controls lead to less supply of a product, and shortarges.
All that said, the ''price'' of oil, has become a completely speculative trade. So much, that it basically has destroyed the advantages of a free ranging price for petroleum.
It wasn't four months ago that the world was being crushed by ever higher oil, and oil companies where all optimistic about a multitude of new oil fields and places that were now 'economical' due to the high prices, and not to speak of all the alternative fuel sources.
Fast forward to today: oil companies basically have cancelled all those projects. As soon as all the economies in the world which are currently shrinking, almost all in Europe, North America and Asia (the largest oil consuming regions), even show ticking up, oil WILL surge to 150 again.
And then to 200, even higher. Oil companies will say now they can resume those projects... and then the world economy will choke yet again. Another massive recession will ensue, oil will drop below 70, oil companies will cancel projects. The low price will make consumption rise again, leading to another spike... and so the vicious cycle will go eternally. I don't see equilibrium ever coming again to the price of a slowly vanishing resource.
The free market is no longer functioning for oil. It is not encouraging larger supply, because the price is too volatile for companies to adapt their long terma plans. And it is encouraging overuse when the prices goes low, and total pain for millions of people when it surges.
A more predictable 'high' oil price, but not a crushing high price, will lead to further development and slightly restrain use without throwing markets and economies and companies to turmoil.